Raise Missouri's minimum wage to boost businesses

This November, Missourians will have the opportunity to vote “Yes” on Proposition B to raise the minimum wage in our state. This initiative is very reasonable and conservative by raising the minimum wage 85 cents a year over five years, which would make the minimum wage $12 per hour in 2023. The sad truth is the cost of basic necessities have gone up for years, yet Missourians working 40 hours a week at the state minimum wage of $7.85 earn only $314 per week, or just over $16,000 per year.

When people have only this small amount of income to spend, it also means businesses in our state don't have as much income. If people earn less, they spend less. They delay repairing their car, they don't go out to eat, they buy less clothing, etc. If people have more, they spend more and businesses make more and also are able to hire more help.

In fact, one study found that the number of small businesses and people working in small businesses increased more in states with higher minimum wages than in states with wages set at the lower federal minimum.

An analysis by the Economic Policy Institute finds that the minimum wage ballot initiative will result in an increase of more than $1 billion in consumer buying power in our state by the time it is fully phased in, affecting over 670,000 Missouri workers, the majority of which live outside of St. Louis and Kansas City. It will provide a major boost for small businesses because this growth in buying power will be among those most likely to spend this money with small businesses in their communities: low wage working families.

Workers — including retail clerks, classroom aides, home health care workers, custodians and other hardworking people — with increased income are also more loyal employees who stay with their employer for longer periods of time, meaning businesses won't have to spend additional money to recruit, hire and train new employees.

To summarize, it's time for Missouri voters to help those hardworking citizens of our state who work 40 hours a week but don't earn enough to raise a family and provide basic necessities like food, health care, housing and transportation.

At the same time, this increase in the minimum wage will provide local small businesses a much-needed shot in the arm and strengthen the overall economy of Missouri.

This November, please join me in voting “Yes” on Proposition B to raise Missouri's minimum wage and not only help the hardworking citizens of our state, but also provide a boost to businesses.